Bill Text: MI SB0359 | 2013-2014 | 97th Legislature | Introduced
Bill Title: State financing and management; budget; revenue estimating conferences; require to include reporting of unfunded liabilities. Amends sec. 367b of 1984 PA 431 (MCL 18.1367b).
Status: (Introduced) 2014-09-30 - Referred To Committee Of The Whole With Substitute S-2 [SB0359 Detail]
SENATE BILL No. 359
May 14, 2013, Introduced by Senators BOOHER, PAPPAGEORGE, PROOS, COLBECK and MOOLENAAR and referred to the Committee on Appropriations.
A bill to amend 1984 PA 431, entitled
"The management and budget act,"
by amending section 367b (MCL 18.1367b), as amended by 2011 PA 47.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 367b. (1) A revenue estimating conference shall be held
in the second week of January and in the third week in May of each
year, and as otherwise provided in this act.
(2) The principals of the conference shall be the state budget
director or the state treasurer, the director of the senate fiscal
agency, and the director of the house fiscal agency, or their
(3) The conference shall establish an official economic
forecast of major variables of the national and state economies.
The conference shall also establish a forecast of anticipated state
revenues as the conference determines including the following:
(a) State income tax collections.
(b) State sales tax collections.
(c) Corporate income tax collections.
(d) Michigan business tax collections.
(e) Total general fund/general purpose revenues.
(f) Lottery transfers to the school aid fund.
(g) Total school aid fund revenues.
(h) Annual percentage growth in the basic foundation allowance
provided for in the state school aid act of 1979, 1979 PA 94, MCL
(i) Unfunded liabilities of this state.
Compliance with the state revenue
limit established by
section 26 of article IX of the state constitution of 1963.
Pay-ins or pay-outs required under
budget and economic stabilization fund.
(4) The conference's official forecast of economic and revenue
variables shall be determined by consensus among the principals.
(5) The forecasts required by this section shall be for the
fiscal year in which the conference is being held and the next 2
ensuing fiscal years. The conference shall also forecast general
fund/general purpose revenue trend line projections and school aid
fund revenue trend line projections for the next 2 ensuing fiscal
(6) The May revenue estimating conference shall establish
expenditure forecasts for medicaid expenditures and for human
services caseloads and expenditures for the fiscal year in which
the conference is being held and the next 2 ensuing fiscal years.
(7) The official conference forecasts of revenues and
expenditures shall be based upon the assumption that the current
law and current administrative procedures will remain in effect for
the forecast period.